A payday loan is easy to get as there is no credit check involved in the process. A person with a regular source of income and a bad credit rating is as eligible for the loan as any other person with a good rating. Any credit rating agency is not involved while processing the loan.
There is a brief form which is filled and submitted online. The following is checked before sanctioning a fast cash loan.
1. Age of the customer: the customer should be minimum of 18 years of age.
2. Employment : The customer should have a regular source of income. He should have been employed with his current employer for the last three months. There is no credit check done on the customer however telechecks are done by calling up people.
3. Checking account: The customer should have a checking account for transaction purposes as the credit giving agency will transfer the fund directly to the account of the customer.
4. Pay stubs and bank statements: For first time loan takers the payday store might ask the customer to fax across bank statements and pay stubs for the last three months.
5. Authorized Cheque in favor of Payday store: The customer has to authorize a cheque in favor of the payday store so that as soon as the customer receives his salary the amount is debited from his account and the payday account is credited.
Therefore we can see the process of loan processing and disbursal of payday stores is vey simple and convenient for the customers.